A cryptocurrency wallet is a virtual wallet equivalent to your bank account where you can store your virtual currency.
You need a cryptocurrency wallet to send and receive funds.
The crypto wallet does not store your cryptocurrency physically but instead provides access to it in the network.
In fact, information about how much cryptocurrency you own is stored only on the decentralized blockchain network, and access to a wallet can only be obtained by providing the corresponding secret key to that wallet.
Every cryptocurrency has its own wallet with a public and a secret key where only you know the secret key, which guarantees the security of your funds.
NEVER SHARE YOUR SECRET KEY.
Think of it this way:
- A public key is like your electronic signature, through which you can prove that you have made a transaction and that crypto address belongs to you without revealing your secret key.
- The secret key is like the password for your online banking, if someone obtains it, they have access to your funds.
- The crypto address is like your bank account IBAN, this is your payee address and you can share it to receive payments.
- However, unlike your bank account, if someone obtains your secret key and steals your cryptocurrency,
THERE IS NO WAY TO RECOVER IT, as neither Finansiv, nor the Bank, nor anyone can suspend or return a transaction when it is already signed with a secret key and saved in the blockchain.
If you want unparalleled security for your funds without the risk of theft or loss of your secret key,
you can use your Finansiv | Vault!